Zillow MLS membership – done

Posted on by
56

Zillow gossip of the day (already reported by Dustin in the comments): Rumor has it that Zillow is now a member of the NWMLS and they’re aiming to get a license in every state.

You could spin this as the story of a company that promised an MLS-free “revolution” settling on improving the current system, but business-wise, I think it makes sense; going it alone is a much higher risk strategy that could lead to spectacular failure and would definitely be an uphill battle. This means they can have all the listings of brokerage sites, a way better interface, and sell leads and maybe make more of the process.

In my mind, consumer-centric web design is Zillow’s true innovation in the real estate industry. Even the biggest sites still view the internet as a way to snag customers into using their “real” business. No broker or agent site approximates the consumer-centric feel of Amazon.com circa 2000 or Google and Yahoo today, although I think the race is on to get there. I give Zillow a good shot as it looks like they’re first to market with a trully consumer-oriented, national real estate search site.

-Galen
ShackPrices.com

UPDATE: John Cook of the Seattle PI picked up this story and has some interesting quotes from Zillow vice president Jorrit Van der Meulen, NWMLS Chief Executive Jack Johnson and Redfin Chief Executive Glenn Kelman. Well worth a read.

Buyer Tip – Successful Negotiation of the Home Inspection

Posted on by
12

You can ask for the moon in Phase 1 of the inspection contingency. But if the seller’s response to that is less than satisfactory, you need to get specific in your response to the seller’s response.

Let’s say you give the seller a big laundry list of “stuff” that is “wrong” with the house under Phase 1. of the Inspection Contingency.

Seller comes back in Phase 2. offering to fix only one of those things.

To be successful at getting more than that in Phase 3, you should go back with a very specific, and pretty much final request, such as:

I will buy the home “as is” with regard to all times noted in the inspection if the price is reduced from $514,000 to $512,000.” Or “I will buy the home “as is” with regard to all other items noted in the inspection contingency IF Items #2, 7 and 9 are repaired prior to closing and receipts for those repairs are delivered at closing with at least a 30 day warranty on those repairs”. There are many and better ways to state this, but be specific about what you want the seller to actually DO when you get to the final round.

The long winded version is on my blog. Trying to cut down on the verbiage over here. I tend to “overstate my case” to put it kindly, which results in blog-clog 🙂

And don’t forget…as with any negotiation…timing is everything.

Golf Balls

Posted on by
1

Ok, this post is really not about golf balls but they are part of the story. A recent case illustrates how courts are putting more obligations on buyers of residential property to understand the condition of the property notwithstanding the seller’s customary obligation to provide a disclosure form to the buyer.

This case involved a buyer who was purchasing a house on a golf course. I can already hear you thinking that anyone who buys a house on a golf course surely knows that one thing follows: errant golf balls. The seller did not consider errant golf balls being a problem and therefore did not disclose them in the property disclosure statement. Although they fell into the yard with some frequency during the summer, he did not remember that they caused damage to the house, his family or even their dog. When buyer first viewed the house, he noticed a ball in the street and even inquired as to “whether the balls fly here.

The Importance of Making Stuff Up as You Go Along…

Posted on by
8

Jon Strum of the LA Real Estate blog put together a very interesting article manifesto that outlines what it will take for real estate agents can be successful in the future. It is a fascinating article and was picked up by both the NYT real estate blog and Redfin’s blog.

While he was picked apart in the comments section of the NYT’s blog, I think a lot of what he has to say is extremely relevant and that the successful real estate agents of the future will be the ones that learn how to re-invent what they do!

Jon’s point that “real estate professional is in the unique position of adding massive value on behalf of their client to the final outcome of the sale or purchase of a home” is extremely important. Many people are simply not equipped to buy and sell their own home on their own and are going to benefit from the assistance of a professional. While programs like Redfin Direct that allow people to buy and sell homes via the internet may some day capture 10 to 20 percent of the market that still leaves 80 to 90 percent of the market requiring more assistance. (This comment is not meant to invalidate Redfin’s business model as 10 to 20 percent of the real estate market is a HUGE chunk of change!).

broken water wheelThe crazy part is that anyone would disagree with Jon’s general premise that real estate consumers are becoming better equipped (information-wise) and they are going to continue to demand more “value-added” services from their agents. The vast amount of money that is currently spent on “branding” techniques by agents (ads on postcards, billboards, magnets, super-market dividers ???, etc) will inevitable need to give way as the commission structure on many deals change and successful agents learn how to operate on a much leaner budget. People are going to turn to the internet to find out about not only the value of their home (Zillow?), but context around how that value might change (blogging?). People moving to a new area are not only going to want neighborhood information (homepages), but context around those neighborhoods (blogging?). The agents who figure out how to use the efficiencies of scale that the internet can provide are the agents who will be successful into the future!

So what are the internet tools that agents should be using? I had a great email today from a Seattle real estate agent who has a very prominent position in the local search engines (he or she shall remain anonymous). They mentioned that they had been following Rain City Guide for a while, but it took them a while to figure out what I was doing… That brought a big smile to my face because I’m not sure that I’ve figured out what I’m doing! I’ve seen a huge growth in Rain City Guide traffic as we’ve added some wonderful contributors, but I’m convinced that there are still hundreds of ideas and opportunities that I’m yet to take advantage of. Will Rain City Guide learn about those opportunities? You can bet on it!

My advice? Agents who do not want to get lost in the internet shuffle that is sure to take place in the near future should get involved in internet. But don’t waste your time posting your marketing materials on-line because people rarely read that stuff when you spend good money to send it to their homes! It seems like a no-brainer to me that agents should start blogging… But do more than that… Put interesting and challenging ideas on your blog. Blogging may not be the panacea for the future of real estate agents, (there is a lot more to being a good real estate agent than being an engaging writer), but by blogging to learn more about the internet, you will learn about the trends that are shaping the industry!

South Lake Sammamish celebrates annexation by City of Issaquah

Posted on by
Reply

The South Lake Sammamish Association (SLSA) has worked tirelessly to make this happen. As a part of unicorporated King County, they were frustrated with inadequate police patrols, road maintenance and similar public services. Last fall the Greenwoord Point-South Cove Annexation area voted to join the City of Issaquah and now it’s time to celebrate.

On March 1st, 6:30-9PM, the city will host an open house at Pickering Barn (just east of Costco) to welcome everyone. Issaquah’s mayor and other city officials will be there to celebrate and answer questions about city services.

In addition, SLSA will be hosting a ribbon cutting ceremony and parade on March 4th from 10AM to Noon. There will be refreshments and activities for the kids including tours of a fire truck and police car. See their website for details.

It’s great to see community involvement pay off for residenets on Lake Sammamish.

Barb Schwarz – Home Staging – New Book

Posted on by
28

I just orded a couple of copies of Barb Schwarz new book:
Home Staging: The Winning Way to Sell Your House for More Money

I am an Accredited Staging Professional (ASP) and am so glad that I took the course when I did, as I was very lucky to have Barb Schwarz as the teacher. I’m sure, now that Barb and HomeStaging.com is so nationally famous, that many ASPs are being taught by other people. I’m sure that’s great too, but I am glad to have had Barb as my teacher.

Here’s what Barb Schwarz had to say about her new book:

“Staging is a system used to prepare homes for sale. It is proven to help properties sell faster and for more money. Staging is not redecorating; rather it is a series of researched and proven techniques developed by the author to make a home appeal more to a buyer rather than its current owner. Like a personal makeover, Staging plays up a home’s strong points and minimizes its weaknesses. This book will offer clear directions for home sellers to utilize such as evaluating a home’s interior and exterior appearance, assessing the home against a nine-page checklist of pre-set Staging guidelines, and utilizing proven techniques to Stage for maximize sales appeal.”

I will report back on whether or not Barb Schwarz’ new book has anything new to say about Staging Your Home, after I read it.

Housing assistance for the middle class on the eastside

Posted on by
1

I have a client who has been searching for a condominium for 6-months. Typical problem — what he likes, he can’t afford — what he can afford, he doesn’t like. We even looked down at Othello Station and thought we might find something there. They had several units set aside for low income families to purchase. Here the problem was he made too much to qualify for the set-aside units but not enough to buy the market rate units. What’s a person to do?

Well, we found the answer. Last week we had offer and acceptance on a really nice 2 bedroom / 2 bath unit at Frazer Court in Redmond. How did he do it? There is a great program setup between King County and several eastside cities to preserve and increase the supply of housing for low and moderate income households in East King County.

This program is called ARCH (A Regional Coalition for Housing) and has several below market rate duplexes, condominiums and town homes located in various developments in East King County. During the initial marketing period, maximum income levels are established for buyers. Typically, each development will establish a maximum income for buyers somewhere between 80% and 100% of median income. In addition, maximum income guidelines are often adjusted for both household and unit size.

Finally – a program that helps out the buyer caught in the middle income bracket. Check it out at www.archhousing.org.